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Bizongo unveils mobile app ‘Next by Bizongo’ for sourcing and business financing needs of MSMEs

IndianStartupNews

IndianStartupNews · 1y ago

Bizongo unveils mobile app ‘Next by Bizongo’ for sourcing and business financing needs of MSMEs

Bizongo has launched 'Next by Bizongo', a mobile app aimed at providing business financing solutions to MSMEs, SMEs, and larger enterprises. The app offers a range of financial services, including supply chain finance, business loans, and factoring among others. It intends to facilitate over $3 billion in disbursements within the next four years. The app also benefits banks and financial institutions by streamlining their loan processes and providing access to credible business transaction data. In addition, Bizongo plans to introduce a consolidated platform for all commodities-related needs in the future.

Related News

Bizongo acquires Titan Capital-backed FactoryPlus

Livemint

Livemint · 1y ago

Bizongo acquires Titan Capital-backed FactoryPlus

Vendor digitization platform Bizongo has announced the acquisition of FactoryPlus, a factory digitization app for micro, small, and medium enterprises (MSMEs). The move aims to digitalize MSME businesses through a mobile solution. FactoryPlus's founders and team will join Bizongo, which marks Bizongo's third acquisition. The acquisition follows Bizongo's reported $50 million Series E funding round led by Schroder Adveq. Bizongo plans to integrate FactoryPlus's mobile-first software-as-a-service capabilities to offer AI-powered solutions for local manufacturers, enabling them to source raw materials and facilitate embedded financing.

B2B vendor management startup Bizongo's FY23 revenue doubles to Rs 166Cr; Losses stand at Rs 291Cr

IndianStartupNews

IndianStartupNews · 1y ago

B2B vendor management startup Bizongo's FY23 revenue doubles to Rs 166Cr; Losses stand at Rs 291Cr

Vendor digitization and embedded finance platform Bizongo reported a doubling of its operating revenue to INR 166.9 crore in the fiscal year 2023. However, its net loss more than doubled to INR 291.6 crore due to increased expenses, including a 97% surge in total expenses to INR 476.6 crore. Bizongo aims to achieve profitability by FY24 through operational efficiency measures and recently launched a business financing app called 'Next by Bizongo' for various enterprise sizes.

Prahlad Krishnamurthi exits Cleartrip, joins NextBuy as CEO

YourStory

YourStory · 11m ago

Prahlad Krishnamurthi exits Cleartrip, joins NextBuy as CEO

Prahlad Krishnamurthi has left his position as Chief Business Officer of Cleartrip, a travel aggregator owned by Flipkart Group, after nine years. He will now serve as the CEO of NextBuy, a Bizongo solution providing supply chain financing to businesses, including MSMEs and SMEs. During his time at Cleartrip, Krishnamurthi focused on improving customer experience and operational efficiency amidst the challenges posed by the COVID-19 pandemic. Cleartrip offers flight, train, hotel, and activity bookings across multiple countries.

Bizongo Joins Hands With NALCO To Boost Digital Distribution Of Aluminium Products

Inc42 · 10m ago

Bizongo Joins Hands With NALCO To Boost Digital Distribution Of Aluminium Products

Bizongo has partnered with NALCO to distribute its non-ferrous products through its B2B marketplace, BizongoBuy. The platform has seen impressive monthly distribution numbers in the first quarter of its annual bid process. Additionally, Bizongo will also provide financing options through BizongoFin. This collaboration follows Bizongo's recent restructuring of its business into two verticals and the appointment of new leadership.

Bizongo carves out BizongoFin and BizongoBuy as new businesses

YourStory

YourStory · 11m ago

Bizongo carves out BizongoFin and BizongoBuy as new businesses

B2B ecommerce platform Bizongo has announced the separation of its raw material marketplace BizongoBuy and its supply chain finance platform BizongoFin into separate businesses. Each new business will be led by a new CEO, with Kiran Dev leading BizongoFin and Prahlad Krishnamurthi leading BizongoBuy. Bizongo aims to leverage these changes to focus on its ecommerce and embedded financing platforms for small and medium enterprises. The Mumbai-based company has raised $205 million in funding and is currently valued at $945 million.

Tiger Global-backed Bizongo beefs up top deck with former AmEx, Amazon Pay execs

VCCircle

VCCircle · 11m ago

Tiger Global-backed Bizongo beefs up top deck with former AmEx, Amazon Pay execs

Bizongo, a B2B platform backed by Tiger Global, has made several new appointments to its leadership team. Former American Express executive Gaurav Singhania has been named as the Chief Financial Officer, while ex-Amazon Pay executive Amol Wanjari has been appointed as the Chief Technology and Product Officer. The announcement comes amidst reports of a complaint filed by Bizongo against an employee for misappropriation of funds, leading to the departure of the company's CFO. Additionally, Bizongo is expanding two of its business verticals, with Kiran Dev becoming the CEO of BizongoFin, the supply chain financing arm, and Prahlad Krishnamurthi taking over as CEO of BizongoBuy, a marketplace for small and medium businesses to purchase raw materials. The company recently raised $50 million in its Series E funding round, valuing it at approximately $980 million.

Bridging the gap between MSMEs and B2B commerce: How Solv is driving innovation under Amit Bansal’s leadership

Economic Times

Economic Times · 11m ago

Bridging the gap between MSMEs and B2B commerce: How Solv is driving innovation under Amit Bansal’s leadership

Solv, a B2B digital marketplace in India, is addressing the challenges faced by over 63 million MSMEs. By providing a platform that connects small businesses with verified suppliers and integrating financial solutions, Solv aims to empower and support MSMEs struggling with procurement inefficiencies and limited access to credit. Unlike traditional platforms, Solv operates on an asset-light framework, allowing MSMEs to access a wide range of products without the limitations and costs associated with inventory management. The platform also offers simple and accessible credit options to address the financing needs of MSMEs.

Indifi hires Axis Bank exec Sangram Singh as CEO

Economic Times

Economic Times · 1y ago

Indifi hires Axis Bank exec Sangram Singh as CEO

Indifi Technologies, focusing on lending to micro, small, and medium enterprises (MSMEs), has appointed Axis Bank executive Sangram Singh as its CEO. Responsible for scaling Indifi's core platform, Singh will oversee key functions, including product, distribution, lending partnerships, treasury, risk, and technology. Alok Mittal, Indifi's co-founder, and managing director will explore new business lines, focusing on supply chain financing and secured lending products. Founded in 2015, Indifi provides debt financing to small businesses, aiming to increase newer product revenues, including supply chain and purchase financing, to 25% in the next three years.

GetVantage launches AI-powered GrowthSahay, commits Rs 500 crore for MSME financing

Economic Times

Economic Times · 6m ago

GetVantage launches AI-powered GrowthSahay, commits Rs 500 crore for MSME financing

GetVantage, a fintech firm, introduced GrowthSahay, an AI-driven platform offering unsecured, non-dilutive working capital financing for MSMEs, ranging from Rs 1 lakh to Rs 1 crore. Targeting GST-registered MSMEs, it operates digitally and quickly, providing funding based on cash flows. The initiative aims to double credit access for MSMEs in India over the next 3–5 years, aligning with the government’s mission to strengthen this sector and support the country's economic growth to a $5 trillion economy.

Tiger Global-funded Bizongo raises $50 Mn in Series E

Entrackr

Entrackr · 1y ago

Tiger Global-funded Bizongo raises $50 Mn in Series E

Bizongo, an e-commerce focused packaging company, has raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The funding, which values the startup at $980 million, comes after a gap of over a year. Bizongo offers vendor management, supply chain automation, and supply chain financing services to its enterprise customers. The company aims to post a profit before tax in the fiscal year ending March 2024.

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